Recent Event

PennyMac Mortgage Investment Trust (NYSE: PMT)
is a specialty finance company that invests in a variety of residential mortgage
loans and mortgage-related assets. The Company's objective is to provide attractive
risk-adjusted returns to its shareholders over the long-term, primarily through
dividends and secondarily through capital appreciation.

PMT’s targeted investments are in the U.S. residential mortgage
market. We are primarily focused on investing in distressed mortgage loans available
for acquisition from financial institutions and engaging in correspondent lending.

PMT is managed by PNMAC Capital Management, LLC (“PCM” or our
“Manager”), a subsidiary of PennyMac Financial Services, Inc. ("PennyMac") and an
investment adviser registered with the Securities and Exchange Commission (“SEC”)
that specializes in, and focuses on, residential mortgage assets. All of the loans
we acquire in our correspondent lending operations are acquired, pooled for sale,
sold and/or securitized on our behalf by another PennyMac subsidiary, PennyMac Loan
Services, LLC (“PLS” or our “Servicer”), which also services most of the loans we
hold in our investment portfolio and almost all of the loans for which we retain
the obligation to service as a result of our correspondent lending operations.

PennyMac Mortgage Investment Trust has elected to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes. The company's stock trades on
the New York Stock Exchange under the ticker symbol PMT.